While in a combat/SD situation I consider light colored guns to be target designators, I do think they have their place for competition, collection and sweaty fat guys who conceal pistols in their underpants.

I've heard a lot of good things about Robar's NP3 finish. NP3 is a surface treatment for steel and metal alloys that combines sub-micron particles of PTFE (polytetrafluoroethylene), otherwise known as Teflon, with electroless nickel. If wear occurs, fresh particles of PTFE are exposed to keep the opposing surfaces lubricated throughout the life of the coating.

Electroless nickel plating is certainly a viable finish however after spending 40+ years in the electronic component industry where plating of all types, electroless nickle included, are used extensively I caution you to start with a junk gun. You can achieve good results but you can also produce something that you wish you didn't have.